The Minister of Solid Minerals Development, Dr Dele Alake, has announced the approval of an N2.5bn from the Bank of Industry. The financial relief aims to ease funding access for Indigenous miners. Alake in a statement by the Special Assistant on Media, Segun Tomori, said the decision was resolved after a three-hour meeting with mining stakeholders while addressing challenges in the sector.
He said, “In another significant development, the minister approved a proposal to transfer the N2.5bn mining sector support fund from the Bank of Industry to the Solid Minerals Development Fund.
“This move is intended to ease access to funding for Indigenous miners by offering more favourable conditions.
“This review aims to align the sector with current market realities and to ensure more effective management of Nigeria’s mineral resources”.
The statement quoted Alake as saying that the revision of license rates was a necessary approach to assist the federal government recover trapped investments in the sector’s infrastructure. Disclosing further, the minister said additional measures have been deployed, to track activities in the sector with the primary objective of boosting investment.
Highlighting the measures he said, “The deployment of satellite imaging, was being implemented to sanitise the industry, attract credible investors, and support the Mining Marshals in eliminating illegal mining activities and prosecuting offenders”.
Subsequently, he said, the federal government has redeployed federal mining officers to enhance border performance, reiterating that “Officers that are found wanting in their duties will face appropriate disciplinary actions”.
Alake assured the ongoing discussion with state governors and the Nigerian Governors Forum to address illegal interference, licensed mining operations and the duplication of federal regulations concerns raised by the sector stakeholders.
Earlier, the President of the Miners Association of Nigeria, Chief Dele Ayanleke, presented stakeholders position outlining various concerns, including the negative impact of state government regulations on mining, the operation of mining marshals, the need for value addition, the review of rates, and the exclusion of stakeholders from the review process of mining laws by the National Assembly. Stakeholders were also granted permission to propose adjustments to royalty rates for minerals that have seen their market values drop below official estimates.
